GUOTAI HAITONG SECURITIES·2025-06-11 07:25Investment Rating - The report assigns an "Overweight" rating to the wholesale and retail industry [2]. Core Insights - In May, export growth slowed down but remained resilient, influenced by tariffs and a high base from the previous year. The ongoing US-China trade negotiations are expected to benefit companies with high exposure to the US market, leading to potential valuation recovery [3][4]. - The report highlights that despite a decrease in working days in May, exports still showed positive growth, indicating the resilience of foreign trade. This is attributed to favorable policies following US-China talks, an expanding trade partner network, and improved adaptability of foreign trade companies to tariff barriers [4]. - The report anticipates that Q2 sales data for cross-border e-commerce companies will show significant differentiation, with some companies benefiting from reduced tariffs and others facing challenges due to price increases and rising shipping costs [4]. Summary by Sections Export Data Analysis - In May, the total export growth rate was 4.8%, with imports declining by 3.4%. The report notes that the export growth rate decreased by 3.3 percentage points compared to the previous month [4]. - Exports to the US and EU saw significant declines of 35% and 12%, respectively, while exports to Africa, ASEAN, and Latin America increased by 33%, 15%, and 2% [4]. Trade Negotiations - A new round of US-China trade talks took place in London, with expectations for progress on reducing tariffs and technical restrictions. The report emphasizes the importance of these negotiations for future trade dynamics [4]. Company Recommendations - The report recommends companies with strong brand potential and expected marginal improvements in performance, including Anker Innovations, Ugreen Technology, and others in the cross-border e-commerce sector. For the B2B segment, it suggests companies like Xiaogong Commodity City and Focus Technology [4][5].